Tuesday, November 29, 2005

BP Really Going 'Beyond Petroleum?'

...plans to double spending on alternative and renewable energy, creating a business unit that may generate about $6 billion a year in revenue within a decade.

The company will invest $1.8 billion over the next three years on solar, wind, hydrogen, and carbon-sequestration, focusing on new technologies that can replace oil-and-gas-based generation, which accounts for more than 40 percent of man-made greenhouse gas emissions, the company said.

Joel Makower believes this is the real deal. The Energy Blog thinks BP's carbon sequestration plans are the most promising part of this development. James at Alt-E offers some caveats. My response? "It's a start..." Seriously, though, this is a promising move, but one we'll have to watch closely. If anything, we're definitely seeing (once again) that there's gold in them wind mills and solar cells...